- US mortgage applications for home purchases fell to their lowest mark in 28 years, Mortgage Bankers Association data showed.
- Refinancing also declined to a level 35% lower than the same week last year.
- Mortgage rates climbed to 7.31% in the week ending August 18, the highest in 23 years.
Americans haven’t been this reluctant to enter the housing market in decades. Wednesday data from the Mortgage Bankers Association showed that mortgage applications for homes fell for the sixth straight week to hit the lowest level since 1995.
Total applications dipped 4.2% from the week earlier leading up to August 18, according to the property group. Meanwhile, the report also showed that the typical 30-year fixed mortgage rate climbed to 7.31%, the highest since 2000.
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